And this is net emissions reductions, also taking into account the emissions from extra electricity generation.
Still a long way to go. The world still uses more oil each year, but new technology is certainly helping in lowering that curve.
I recommend to read the whole article for more information and what we can expect in the future.
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Does it also take until account the production costs of EV vs ICE?
When you consider that EV lithium batteries are 99% renewable, my guess would be it’s even better in the long run.